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M M

king place on the other, ahhough there OlOuld be Cepa.

m e interefl9 upon bOlh

Tite caCe is hardly ruppoCable among merchanrs, who

buy and Cell wilh a view 10 profil; bUl il is abColulely

ruppofable, and lhal is all, wheo Ihe direél confumm are

lhe buyers; when lhe circumllaoees of one of lhe pmics

is perfcélly known ; and when lite eompetilion is fo IIrong

upon one fide, a9 10 preven! a ppffibilily of ils beeoming

douhle, before lhe wltole provifion is Cold off, or Ihede·

mand Calisfied. Lel us have recourCe 10 examples.

Grain arriving in a finall quanlily, al a pOr! IYhere

Ihe inhabilanls are f1arving, pl oduces

greal a eompeli.

lion among Ihe conCumer!, who are Ihe buyers , Ihal

their neeeAity becomes evidenl ; alllhe graio is generally

boughl up before pnces can rife

high

10 come 10 a

Ilop; b<c,¡ure nOlhing but wanl of money, that is, an

im polftbilily of complying with Ihe prim demanded by

the merehanls, can reflrain them: but if you Cu ppofe,

even here, that prices come oaturally tO a f1op ; or that,

after Come time, they Call lower, from prudential con·

fideratiollS: then there is a poffibility of a

eomp~ition

laking place among the rellm, from the principies aboye

dedueed. If, on lhe contraly, the f10p i! not natural,

but occafioned by the inlerpofilion of Ihe magiflrate,

from humanity, or lite like, there will be no compelÍ.

lioo, becauCe then Ihe principies of commeree are fuCpend.

eJ ; the Cellers are reflrained on one fide, and Ihey re·

IIrain the buyers on the other. Or ralher, indeed, it is

the magillrate, or eompaffion, IYho in a manner fixes

Ihe priee, and perforna lhe oflice of bOlh buyer and

reller.

better example f1in may be found, in a eompelilion

among Cellers; where it may be

f1rong, as to render

• eomlnodity in a manner of no value at all, as in Ihe

(are of an uncommon and unexpeéled draughl of fifh, in

a place of rmall confumption, when no preparation! have

beenmade for Cahing Ihem. There can be then no com–

petilion among Ihe buyers; becauCe lhe market CAnnOt

Jafl, and they find IhemCe!ves entirely maflers, to give

whal price they pleafe, being fure the (ellm mufl accept

of it, or lofe their merchandize. In the firll example,

humanity commonly f10ps the aélivity of the principie of

competilion

in Ihe other il is f10pt by a cemin degree

of fair dealing, which forbids rhe accepting of a mer–

cbandize for nothing.

ID proponion therdore as the rifing of prices can f10p

demand, or the flnkiog of prices can increaCe il, in the

rame proponion will compclition prevent either the riCe

or Ihe faU froro being carried be)'ond a wuio length :

and if Cueh a caCe can be put, where the rifing of

pricc~

cannol f10p demanJ, nor the Jowering of pric<s augment

il, in Cuch caCes double comperition has no efl'tél

be–

cauCe there circumflaote5 uoite the ilion Ceparate inlerefl!

of buyer! and r.llm in the mercantilecoolraél; and whe"

Ilpon one fide Ihere is DO feparate interea, there caD Ihen

be no compuilion.

From what

ha~

been Caid, \IIe mav form a jodgment

of Ihe various degrees of competilion.

book not

wonh a fhiUing, a 6fh of a fewpounds weiglu, are oflen

rold for confiderable Cums. The buyer! here are not

IIImhants, When 3D imbaJfador JeavelI a coun

hurry, Ihings are Cold for lefs Ihan Ihe half of rhcir va'

lue: he is no merchant, and his fitHallun is

~nolYn.

When, at

public markel, there are found conCumers.

who n"ke the" prol'ifion

nr manuf,(turers, who dil:

poCe of their goods for pre(ent fubfinence

Ihe ,mer–

chanls, who are rcCpeftivelyupon Ihe uppofile fide of Ihe

conlraél to theCe, pronl of Ihei r compelllion; and Ihofe

who are rdpeéli,ely upon the Came fitle \Vilh Ihem, Iland

by wilh palience, untillhey have finifhed lheir bufinrfs..

Then mallers cnme 10 be carried on hetlYeen merchar.!

and merchant, and then pi 061s may rife and fall, in Ihe

propon ion of quantity 10 demand; that is 10 f:,y, i( Ihe

prol'ifion is lel5 than the.demand, the compctilion a–

mong the demanders, or Ihe rife of the priee, wdl be iD

the compound proportion of Ihe falling Olon o( the com–

modiry, and of the proCpeél of fcUing again wilh profil,

is this combination IYhich regulms the compeliuon,

and keeps it wilhin bounds.

can alfeél bm Ihe pr061s

upon Ihe tranCaélion: Ihe inlrinfic value of the commo–

dily fia nds immoveable: nOlhing is ever rold below Ihe

real value

nothing is ever bought for more thanit may

prnbably bring. We mean. in general. Wherm, fo

foon

conCumers and needy manufaélurers mingle in the

operation, all proportion is lofl. The competiríon be–

tween Ihem is 100 flrong for Ihe merchanls

the balance

vibrate! by jerks. [n ruch markets merchants reldon)

appear: Ihe principal obje(ts tbere, are Ihe frui!s and

produélions of Ihe

e~nb,

and anicles of Ihe firfl neteffity

for life, nOI manufa8ures f1riélly

caUed,

poor fel–

low often fells, 10 purchare bread 10

eat;

not to pay

what he did eal while he was employed in Ihe work he

diCpofes of. The conCumer oflco meaCurC! Ihe \'Alue of

\Vhat he is about to purchaCe, by the weight of his purCe,

and his defire to conCum,e.

1uhot

called Expmce, Profit, nnd Loft.

THE lerm

,x/,ma,

when fimply exprerred, wilhout

any PHlieular relalion, is alway! undcrftood 10 be relalive

to money. This kiod is diflinguifhed under Ihe threa

heads of

privalr, public,

and

~aliMIII.

P"vnl'

expence is, what a privale perfon, Or pri.

vate CocielY, lays out, eilher to prov¡de anicles of con–

Cumplion, or fomething more permanent, wbich may be

conducive to their eare, eonvtnience, or advanlage.

Thus we ray,

a larg' dCl//rflic expu"e,

relative loone

who rpends a great iocome. We Cay, a merchant has

been al

grral expene<

for maguincs, for living. for

clerks,

er,

bu! never lhat he has been al any in buying

goods. In Ihe Came lYay a manufa(turer may expend for

building, machioes, horfes, and carriages, but nem for

the maner he maAlúat!urcs, Whena Ihing is bought, io

order to be Cold again, the rom employed is caUed mo–

oey

•

.Ivan",J:

when il is bought not to be Cold, it Ola,

faid 10 be

rx,mdd.

2, Pub/ir apena

is, Ihe employmenl of that moner,

which has been contribuled by ind,viduals, (or Ihe cur–

reot Cervice of !he flale. The conlribulion, or gather–

ing it together, reprerenls Ihe effe(ts of many aniclel of

privalr rxpenCl;

the Iayiog it out wben coUeélcd,

i.t

pr-

6/ic /xpeDc/,

3, Na/lml